On December 4, Satang Corp., a Thai cryptocurrency exchange announced its plans to raise around $10 million up in a security token offering (STO), notwithstanding the ongoing crypto market downtrend, as revealed by Asia-centered business distribution Nikkei Asian Review.

The government of Thailand supported Satang’s plans in an offer to make the nation a center of blockchain and build up an administrative system for digital currency and blockchain. Satang’s CEO Poramin Insom declared that the STO would be held in the first quarter of 2019.

Satang purportedly plans to utilize the $9.9 million it raises to build up an e-wallet that empowers people to make purchases and set up Satang shops in traveler centers like Pattaya and Phuket.

STOs in Thailand currency work in a hazy administrative area, as the new monetary item straddles two distinctive regulatory classifications. Merely a week ago, Tipsuda Thavaramara, Secretary of the Thai Securities and Exchanges Commission, announced that Thai-related STOs launched in a universal market infringe the law. Thavaramara apparently said that the regulator needs to think and formulate ways to manage STOs to tackle issues like ownership of shares, voting rights, accessing and distribution of profits.

Earlier Insom supposedly assisted in implementing blockchain technology during a primary election in the nation’s Democrat Party in November. Tech news outlet Built’s report on November 16 indicated that voting for a leader was conducted on a blockchain-based mobile app. Data accumulated from the app was put in hashed records that were then stored in the Insom’s Zcoin blockchain.

Insom reportedly said that governments and political parties within and outside the country could consider deploying blockchain technology in various sectors including casting votes, conducting surveys, etc.

Thailand’s Revenue Department is allegedly trying to implement blockchain technology for monitoring value added tax (VAT) payments. As indicated by Ekniti Nitithanprapas, Chief General of the Thai Revenue Department, the system needs to utilize blockchain technology to forestall VAT refund frauds. It also looks to adopt machine learning and use artificial intelligence (AI) to learn and study tax-cheating practices and thereby, take the necessary measures to make individuals abide by the formal tax processes.